XRP Ledger (XRPL), the decentralized public blockchain built by Ripple, the company behind XRP, has accomplished a major milestone, successfully closing 80 million ledgers in approximately 10.5 years.
On May 25, XRPScan, a prominent blockchain explorer for the XRP Ledger, took to Twitter to make the announcement, highlighting the efficiency, dependability, and growing acceptance of the XRP Ledger as a transaction processing technology within the Ripple network.
For the uninitiated, a ledger, in the context of blockchain technology, refers to a record of transactions that occur within the network. This development indicates the expanding acceptance and utilization of the XRP Ledger, signaling the increasing capacity of the Ripple network to handle a large volume of transactions.
The XRP Ledger just closed 80 million ledgers (in about 10.5 years). Thank you to all network participants for your contributions. pic.twitter.com/bFgiaTHIXg
— XRPScan (@xrpscan) May 24, 2023
XRP Ledger Grows Leaps And Bounds
This comes on the heels after XRPL announced an open call for developers for Web3 Financial Projects, on Mat 5. The XRPL Grants Program aims to allow developers to create innovative web3 financial projects on the XRPL network without needing to learn, build, and maintain complex smart contracts. The primary focus of the program will be to address financial inequities, streamline traditional financial processes, and provide innovative new use cases for the XRP Ledger.
Over the span of the past few months, XRPL has continued to grow, maintaining its upward trajectory. As per a recent report, the blockchain experienced significant network activity in Q1 2023, with daily active addresses and daily transactions rising by 13.9% and 10.7% respectively. The total active addresses increased largely due to receiving addressing growing by 17.1% from 47,000 to 55,000.
The report ascribed the increase in network activity due to senders distributing tokens to large groups of previously inactive recipients. The senders were likely exchanges and custody solutions, as they generate many active receiving addresses while only being counted as a single active sender address.
Will Ripple Win Its Ongoing Lawsuit With SEC?
The monumental milestone achievement also comes at a time when the ongoing lawsuit between Ripple and the United States Securities and Exchange Commission (SEC) is poised to come to a conclusion soon. With the community anticipating that the SEC will likely lose the battle, it could be another magnificent victory for Ripple if the lawsuit concludes positively for them.
Voyager is another example of a federal judge deciding the SEC’s arguments are 💯 w/o merit.
Recent examples:
1) The @Ripple case: a federal judge, in a written ruling, literally stated SEC lawyers were being hypocrites and that they lacked faithful allegiance to the law. https://t.co/pCVoLHAhtU
— John E Deaton (@JohnEDeaton1) March 8, 2023
Earlier this month, the request of the SEC to keep the seal on Hinman documents was denied by the court, signifying another win for Ripple. Moreover, on March 8, prominent crypto lawyer John E. Deaton, took to Twitter to suggest that Ripple will bag a win against the SEC, as the years-long securities legal battle draws closer to an end.
